貝萊德，以太坊ETF和比特幣優勢：加密貨幣的新黎明？

貝萊德（Blackrock）的以太坊ETF（Etha）正在浪潮，挑戰比特幣的統治地位。這對加密投資的未來意味著什麼？讓我們潛入！

BlackRock, Ethereum ETF, and Bitcoin Dominance: A New Dawn for Crypto?

貝萊德，以太坊ETF和比特幣優勢：加密貨幣的新黎明？

The crypto landscape is shifting! BlackRock's Ethereum ETF (ETHA) is surging, assets are flowing in, and Bitcoin's dominance is being challenged. What's going on, and what does it mean for you?

加密景觀正在轉移！貝萊德（Blackrock）的以太坊ETF（ETHA）正在飆升，資產流入，比特幣的主導地位也受到挑戰。發生了什麼，這對您意味著什麼？

BlackRock's ETHA: A Force to Be Reckoned With

貝萊德的伊莎：一支不容忽視的力量

BlackRock's iShares Ethereum Trust (ETHA) is on a tear. As of late July 2025, ETHA held a massive 3 million ETH, with assets under management exceeding $11.1 billion! A significant portion of these holdings, over 1.23 million ETH, were acquired in July alone. This rapid accumulation suggests strong institutional interest in ETH.

貝萊德（Blackrock）的iShares以太坊信託（Etha）淚流滿面。截至2025年7月下旬，Etha擁有300萬ETH的大量ETH，管理資產超過111億美元！僅在7月就收購了這些持股中的很大一部分，超過123萬。這種快速的積累表明對ETH的製度興趣很大。

The ETHA share price reflects this enthusiasm, flirting with the $30 level after a 50% rally in the past month. This performance is particularly notable given that the SEC is considering allowing ETH staking within the ETF, which could further boost returns for investors.

ETHA股價反映了這種熱情，在過去一個月舉行了50％的集會之後，以30美元的水平調情。鑑於SEC正在考慮允許ETH在ETF中積累，這一表現尤其值得注意，這可以進一步提高投資者的回報。

Ethereum ETFs Gain Ground

以太坊ETF獲得地面

The success of ETHA isn't just a BlackRock story; it's an Ethereum story. Ether ETFs are gaining market share, chipping away at Bitcoin's long-held dominance. While Bitcoin ETFs still hold the lion's share of crypto assets under management (AUM), Ethereum's share has been steadily climbing.

Etha的成功不僅僅是一個黑石故事。這是一個以太坊的故事。 Ether ETF正在獲得市場份額，佔據了比特幣長期以來的統治地位。儘管比特幣ETF仍然佔據了管理中的加密資產（AUM）的份額，但以太坊的份額一直在穩步攀升。

Bloomberg Senior ETF Strategist Eric Balchunas notes that Bitcoin ETFs now hold around 82% of total crypto AUM, down from 90% just a couple of months ago. Ethereum's share has risen to 13% and continues to grow, largely driven by BlackRock's ETHA.

彭博高級ETF策略師埃里克·巴爾庫納斯（Eric Balchunas）指出，比特幣ETF現在佔總加密AUM的82％，低於幾個月前的90％。以太坊的份額已上升到13％，並繼續增長，這在很大程度上是由貝萊德（Blackrock）的Etha驅動的。

In-Kind Redemptions: A Game Changer

實物贖回：改變遊戲規則的人

A recent decision by the SEC to allow in-kind share creation and redemption for crypto ETPs, including Bitcoin and Ethereum spot ETFs, is a major development. This means authorized participants can now buy and redeem crypto ETPs by converting them directly into the underlying asset, cutting down costs and enhancing efficiency for investors.

SEC最近決定允許包括比特幣和以太坊斑點在內的加密ETP的實物共享創建和贖回是一個重大發展。這意味著授權參與者現在可以通過將其直接轉換為基礎資產，降低成本並提高投資者的效率來購買和兌換加密ETP。

Previously, investors had to exchange cryptocurrencies for fiat before buying ETF shares, and vice versa during redemption. The new ruling streamlines the process and potentially reduces selling pressure in the crypto market. This is a big win for both Bitcoin and Ethereum ETFs.

以前，投資者必須在購買ETF股票之前將加密貨幣換成菲亞特，反之亦然。新的統治簡化了這一過程，並可能降低了加密貨幣市場的銷售壓力。對於比特幣和以太坊ETF來說，這是一個巨大的勝利。

Bitcoin's Dominance: Still King, But...

比特幣的主導地位：仍然是國王，但是...

Despite Ethereum's gains, Bitcoin remains a dominant force. The Altcoin Season Index, which tracks the performance of altcoins relative to Bitcoin, is currently signaling a “Bitcoin Season.” Factors such as the upcoming Bitcoin halving and continued institutional adoption, especially through Bitcoin Spot ETFs, are driving this dominance.

儘管以太坊的收益，比特幣仍然是主要的力量。 AltCoin季節指數跟踪AltCoins相對於比特幣的性能，目前標誌著“比特幣季節”。即將到來的比特幣減半和持續採用的因素，尤其是通過比特幣斑點ETF，促進了這種統治地位。

However, the shift in market share towards Ethereum suggests that investors are increasingly diversifying their crypto holdings and recognizing the potential of Ethereum and its ecosystem.

但是，市場份額向以太坊的轉變表明，投資者越來越多地多元化其加密貨幣，並認識到以太坊及其生態系統的潛力。

Looking Ahead: Altcoin Season on the Horizon?

展望未來：Altcoin季節即將到來？

While Bitcoin is currently in the spotlight, the market is cyclical. Analysts anticipate a return to Altcoin Season once Bitcoin consolidates. Catalysts like technological breakthroughs in altcoin projects or improved macroeconomic conditions could trigger this shift. Keep an eye on Bitcoin price stabilization, rising Ethereum network activity, and the emergence of innovative sectors like DeFi, NFTs, or AI-related tokens.

雖然比特幣目前是備受關注的焦點，但市場是周期性的。分析師預計，一旦比特幣鞏固，分析師將重返替代賽季。催化劑之類的催化劑在山寨幣項目中的突破性或改善的宏觀經濟狀況可能會觸發這一轉變。密切關注比特幣價格穩定，以太坊網絡活動的上升以及諸如DEFI，NFTS或與AI相關的令牌等創新部門的出現。

My Take: A Diversified Crypto Future

我的看法：多元化的加密未來

I believe we're witnessing the evolution of the crypto market. Bitcoin will likely remain a foundational asset, but Ethereum and other altcoins are poised to play increasingly significant roles. The rise of ETH ETFs, particularly BlackRock's ETHA, is a testament to this trend. The SEC's acknowledgement of staking and in-kind redemptions further validates the growing maturity of the crypto space. As BlackRock surpasses $20 billion AUM in crypto ETFs, they are setting the stage for other institutions to dive deeper into the crypto world.

我相信我們正在見證加密貨幣市場的發展。比特幣可能仍然是基本資產，但是以太坊和其他山寨幣有望扮演越來越重要的角色。 ETH ETF的興起，尤其是貝萊德的Etha，證明了這一趨勢。美國證券交易委員會（SEC）承認積分和實物贖回進一步證實了加密貨幣空間的成熟度。隨著BlackRock在加密ETF中超過200億美元的AUM，他們正在為其他機構介紹更深入加密世界的舞台。

Ultimately, a diversified portfolio that includes both Bitcoin and well-researched altcoins is likely the most prudent approach for navigating this dynamic landscape.

最終，包括比特幣和經過精心研究的山寨幣在內的多元化投資組合可能是導航這一動態景觀的最謹慎的方法。

Final Thoughts

最後的想法

So, there you have it! BlackRock's ETHA is shaking things up, Ethereum is gaining ground, and the SEC is finally catching up. It's an exciting time to be involved in crypto, and the future looks bright (and maybe a little bit green?). Keep your eyes peeled, and who knows, maybe we'll all be sipping margaritas on a crypto-funded beach someday!

所以，你有！貝萊德（BlackRock）的十震撼了一切，以太坊正在越來越大，而SEC終於趕上了。這是一個激動人心的時刻，參與加密貨幣，未來看起來明亮（也許有點綠色？）。讓您的眼睛剝皮，誰知道，也許有一天我們都會在一個由加密貨幣資助的海灘上品嚐瑪格麗塔酒！